Dash Price Up By 8.15% – Time To Buy DASH?

• DASH’s daily performance generates excitement among investors even as the broader market slumps
• The protocol’s strong performance reflects positively on its technical analysis
• The Venezuelan government’s aggressive push for its stablecoin should be a boon for the DASH blockchain

Starting the penultimate week of March 2022, the crypto market is holding a familiar position – a bearish momentum. This puts pressure on a lot of investors to protect their wealth, and many might be looking to buy DASH.

But, avid investors will always say to look before you leap. Below, we look into the current fundamentals and technicals behind the DASH price and examine if the asset is primed for investment.

DASH: Fast, Private Transactions For Everyone

DASH is one of the older and most popular cryptocurrencies in the market. Launched in 2014, the asset focused on a familiar goal for cryptocurrencies – enabling transactions from point to point.

Interestingly, the focus of DASH has expanded ever since it launched. The asset’s developers have turned to businesses and countries, allowing them to make easy and quick payments. According to the DASH website, over 159,000 merchants and services accepted DASH as a medium of exchange globally as of Q4 2021.

Venezuela’s Ambitions Prop Up DASH

While it is notable for being a legacy coin, DASH doesn’t get much in terms of regular news. However, the DASH blockchain serves as the platform on which Venezuela’s Petro stablecoin is built.

A few weeks ago, the Venezuelan government announced that the minimum wage in the country would now be 50% pegged to Petro. With the Maduro administration doing its best to prop up the Petro asset, we expect more businesses and individuals to use the coin. Inadvertently, this could boost the DASH price itself.

DASH Technical Analysis: Strong Performance Leads To A Flurry of Investors

Currently, DASH trades at $120. This is a jump of 8.15% in the past 24 hours – much higher than the broader market, which is down by 2.15% in the same period. The digital asset is still a long way from its all-time high (ATH) around the $480 peg, but DASH just broke through a major high not seen since the start of the year.

DASH is now trading above all of its short-term moving average (MA) indicators thanks to its strong daily performance. These range from the 10-day MA of $101.8 to the 30-day MA of $96.4.

As expected, the blockchain-based asset is also doing better than its long-term MA indicators. We expect that the 10-day MA could be a support for the coin right now, especially given that it is just above the psychological support of $100. With the asset holding strong above these MA indicators, this points to be a good time to buy DASH.

Taken from its previous major high, DASH’s 23.6% Fibonacci retracement level stands at $140.80. This should serve as a solid resistance point for the coin – and, once again, close to a psychological resistance (either $140 or $150).

Crossing this point could show that DASH is ready for major highs and should be a good sign to buy DASH. Of course, with the market looking bearish, it will be interesting to see if DASH can buck this trend.

Unsurprisingly, DASH holds a positive moving average convergence divergence(MACD). This shows a buy signal for the coin, meaning that investors can buy DASH relatively confidently.

However, the asset’s relative strength index (RSI) of 65.82 shows that it is fast approaching the overbought region. This isn’t surprising since DASH’s performance is sure to draw attention from investors.

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